Rachel Reeves is said to be planning to revalue 2.4million the most expensive band F, G and H homes as part of her Budget

Rachel Reeves is reportedly planning to introduce a new council tax surcharge on homes valued above £2million as part of her Budget .

The move is being dubbed a "mansion tax" and would impact more than 100,000 of the most expensive homes.

It was originally reported that the Chancellor wanted to introduce a £1.5million threshold, which would have affected 300,000 households, but she is said to have increased it to £2million to avoid penalising "asset-rich, cash poor" families.

In England, council tax is split into different bands, based on how much the property was worth in April 1991. The Chancellor is said to be planning to revalue 2.4million the most expensive

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